acc311 answer required

On Wed, Jan 18, 2012 at 2:49 AM, fbvdh 1 <zeeshanmustafa1@live.com> wrote:

Answers with logic required


Question No: 1     ( Marks: 1 ) - Please choose one

When the cash sales should be recorded by the companies in order to achieve control objectives?


(a)Record the cash sales when purchase order is received from the customer


(b)Record the cash sales at the point they are made


(c)Record the cash sales after some period


(d)Record the cash sales weekly




Question No: 2     ( Marks: 1 ) - Please choose one    

Auditors conduct auditing in accordance with :


(a)International Financial Reporting Standards


(b)Local pronouncements/Legislations


(c)Financial Accounting Standards Board


(d)All of the given options




Question No: 3     ( Marks: 1 ) - Please choose one

Which of the following primary assertions is satisfied when an auditor ensures that there are no unrecorded assets, liabilities, transactions or events or undisclosed items in the client s financial records?

(a) Valuation

(b)Completeness


(c)Existence


(d)Rights and obligations